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Thursday, August 13, 2009

Japan Inks US$82 Million Agreement with Cambodia

Cambodian PM Hun Sen talks to Japanese Ambassador Shinohara during the finance signing ceremony at the Ministry of Foreing Affairs and International Cooperation

Picture: from DAP News

The Japanese Government on Thursday signed an agreement worth US$82 million with Cambodia to expand sea port infrastructure, as well as other economic development and poverty reduction projets.

US$72 million is a concession loan to develop Sihanoukville Port to expand its capacity and another US$10 million is grant aid for economic and social development, a press release from the Japanese Embassy said.

After the signing ceremony between Shinohara Katsuhiro, Japanese Ambassador to Cambodia under high presence of Prime Minister Hun Sen, Hor Nam Hong told reporters the loan will be “very important to expand the capacity of Sihanoukville Port, its infrastructures and improve handling of containerized cargo.”

The is third time that Japan has helped Sihanoukville post since 1999, added the veteran minister of Foreign Affairs and International Cooperation, also a deputy prime minister. In total Japan has donated US$187 million in non-project grant aid.

The capacity of Sihanoukville Port, the only international deep sea port in Cambodia, will be expanded by constructing a multipurpose terminal, including a bulk terminal, and an oil supply base, as well as developing infrastructure related to the terminal at the port. It also will help contribute to industrial development and also economic growth in Cambodia, the Japanese embassy’s press release said, adding that, “Japan continues to be the top donor in assisting Cambodia in every possible way in its effort to reduce poverty and develop Cambodia.”

The concession loan has an interest rate of 0.01 percent per annum, and the repayment period is 40 years, including a 10-year grace period.